(Albany, NY) – In an effort to help homeowners who are fighting foreclosure, State Senator Liz Krueger successfully sponsored and passed new legislation (S7798A) which would amend the New York State Foreclosure Prevention and Responsible Lending Act to further ensure that homeowners have an adequate opportunity to prevent foreclosure through fair, good-faith judiciary hearings.
(New York, NY) On Wednesday, August 25th 2010, New York State Senator Liz Krueger, joined by State Senator Jeff Klein, Assembly Member Hakeem Jeffries, City Council Member Brad Lander and New York Communities for Change (NYCC), held a press conference to announce legislation that is aimed at holding banks responsible for foreclosed homes in New York, while also pressing banks to avoid the foreclosure process by coming to the negotiation table early enough to modify loans. The proposed legislation emphasizes the importance of banks responsibly maintaining foreclosed homes if they cannot offer a viable mortgage modification to families in need.
Once again our leaders in Washington are fighting over cuts to the deficit, while our economy teeters on the brink of a "double dip" recession. At the federal, state, and local levels, the focus is on cutting programs rather than increasing revenues. But what many of these leaders have chosen to ignore is the fact that this strategy will have radical macro and micro economic and political consequences for decades to come.
With the growing shortage of affordable housing—for both renters and homeowners—there has never been a more important time to understand your rights and how current housing laws apply to you. There is not enough space to address all the pertinent facts, rights, and obligations so this newsletter covers the issues which come up most often in my District Office. You should be aware, however, that there are exceptions to many of the regulations and programs outlined here.
Albany, NY – State Senator Liz Krueger (D-Manhattan) today announced the passage of her legislation permanently banning “yield spread premiums” in New York State (S. 886). This practice created perverse incentives in the mortgage market, fleecing families and creating instability in the nation’s financial system, ultimately contributing to the national mortgage foreclosure crisis.